British Polythene (BPI, 243p, £64.39m) has updated on trading for the year ending December with results expected to be within the range (£15.5m PBT and 40.2p EPS) – which we regard as a strong performance. The new year is starting with some caution as its suppliers are seeking increases in prices – which BPI then has to attempt to pass on to customers. We do expect expectations of EPS for next year to fall to some 44p from 48p (as we anticipate an oil price bubble and its impact on raw plastic prices) but that still leaves the group on a 5.5x PER. We maintain the BUY with a 309p price target.

Concurrent Technologies (CNC, 36.5p, £26.07m) has updated for the year ending December 2010 with a confident outlook and a stronger H2 enabling the market expectations to be met. The group will pay a second dividend before 6 April 2011 in preference to a final. Forecasts of £2.2m PBT with 2.8p EPS and 1.5p DPS puts the group on a prospective 13x with a 4.1% yield and 2.8% alone on the forecast 1p final. The rating does discount a major rise in PBT next year (forecasts are for £4.1m PBT with 5.1p - a Yr2 prospective PER 7.1). A slightly risky buy based on significant progress next year – but with a yield protection on the downside. On a 1 year view we see the price to 43p. BUY

Eckoh (ECK, 6.875p, £13.73m) has won a 3 year contract with Whitbread for the provision of speech enabled reservations and cancellations service to its subsidiary Premier Inn. We see the rating as up with events (some 11x PER next year) - but we are trending towards a Buy as we approach the group’s March year end - though HOLD for now.

Imaginatik (IMTK, 1.75p, £3.72m) has announced further contract wins, 1 with Deutsche Telekom for the delivery of Innovation as a Service, outsourcing to 2 multi-territory innovation projects and with QinetiQ for its internal innovation service to its North American operations.  The disruptive board room dispute continues with another EGM requisition requiring the replacement of the existing boards. We maintain the HOLD recommendation.  

Kenetics (KEN, 2p, £0.82m) Our June Sell recommendation at 3p has proven correct with the group announcing a delisting – which would trigger an automatic SELL.

Newmark Security (NWT, 1.5p, £6.76m) Interims to October 2010 from…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here